The first quarter of 2009 ended on a high note in the local real estate market, according to the latest report from the Naples Area Board of Realtors, which tracks home listings and sales within Collier County, excluding Marco Island.
NABOR agents are reporting significant increases in the number of buyers looking at residential property, indicating that realistic pricing adjustments have spurred buyers to get off the fence.
The first quarter report provides annual comparisons of single-family home and condo sales (via the SunshineMLS), price ranges, geographic segmentation and includes an overall market summary. The statistics are presented in chart format, along with the following analysis:
Overall home sales for properties under $300,000 saw a 113 percent increase, with 964 sales in the first quarter of 2009 compared to 452 in the first quarter of 2008. Single-family homes sales under $300,000 increased 242 percent with 510 in the first quarter of 2009 compared to 149 in the first quarter of 2008.
The overall median closed price decreased 36 percent to $237,000 for the 12 months ending March 2009 from $370,000 for the 12 month ending March 2008.
Statistics for March 2009 also showed large increases in sales. According to NABOR, over the last 12 months, home sales increased 30 percent, and the inventory in the under $300,000 single-family home market has a current 14 month supply, down from 45.6 months of inventory in March 2008.
"There is a narrow window for qualified buyers looking for homes under $300,000," says Mike Hughes, vice president of Downing Frye Realty.
Referring to an HGTV online real estate listing service that recently named Naples the No. 2 bargain homebuyer market, Bill Coffey, branch manager of Coldwell Banker Residential Real Estate, says, "Our statistics attest that statement." Source: floridaweekly.com
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